Smith Regulatory Strategies
1. A federal appeals court on Tuesday revived three lawsuits in which the City of Miami accused Bank of America Corp and Citigroup Inc of predatory mortgage lending. The court determined that a lower court erred in dismissing the city’s claims under the federal Fair Housing Act (FHA). Miami had accused the banks of steering.
1. The Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin to provide guidance to assist residential mortgage servicers and sub-servicers in their compliance with the private mortgage insurance (PMI) cancellation and termination provisions of the Homeowners Protection Act of 1998 (HPA). This compliance bulletin explains HPA requirements and describes examples from CFPB’s supervisory experience.
1. The Federal Communications Commission (FCC) has told PayPal that its revised user agreement, which calls for consumers to agree to receiving robo-calls, is misleading for consumers and could trigger FCC enforcement and fines. The FCC’s Enforcement Bureau sent a letter dated 6/11/15 to PayPal, Inc., alerting the company to Telephone Consumer Protection Act concerns.
1. On Tuesday, May 19, PayPal announced that it has agreed to a $25 million settlement with the Consumer Financial Protection Bureau (CFPB) for allegations that it essentially forced consumers to use its on-line credit product. The CFPB characterized PayPal’s practices as deceptive and abusive, the first such settlement under the “abusive” prong of the.
1. Most banks that offer residential mortgages are preparing for the implementation of the new TILA-RESPA integrated disclosures (TRID) that will take effect starting August 1, 2015. If you are concerned as to whether your preparation strategy is adequate and on schedule, let our former, Federal bank regulators assist you in these efforts and learn.